Bitcoin experienced a dramatic decline overnight, losing $8,000 after reaching a peak of $124,000 earlier this week. Large traders, known as whales, liquidated over 350 million dollars in a single day, fueling concerns among investors. The Fear & Greed Index shows rapidly decreasing sentiment. Ethereum also fell below $4,400 despite increased short positions. Experts suggest Bitcoin needs to regain $120K to maintain its bullish trend, while some still believe ETH could reach $5K before a major correction occurs.